IMF Mission in Cairo to Review Egypt's Reform Programme
There are also ongoing discussions regarding an additional IMF loan programme of USD 8 billion for Egypt.
The International Monetary Fund (IMF) is currently holding discussions in Cairo regarding the progress of Egypt's reform program under the IMF's Extended Fund Facility (EFF). Led by Mission Chief Ivanna Vladkova Hollar, the IMF team is conducting the second review of the programme, the first of which was done last week with Jihad Azour, the IMF’s director of the Middle East and Central Asia Department, met with the Egyptian authorities for the fund’s annual retreat in the region.
While the IMF has not confirmed whether the talks include discussions on additional financing, IMF spokesperson, Julie Kozack, revealed to Ahram Online that new IMF financing is being considered, which could potentially raise the total financing for Egypt to USD 6 billion.
In December 2022, the IMF approved a USD 3 billion loan programme for Egypt but has not yet completed the first and second reviews under the program. However, the new IMF loan programme is expected to reach an amount of USD 8 billion in light of the global and regional geopolitical tensions.
Meanwhile, Egypt is set to pay USD 261 million to the MIF this January, as part of its total debt obligations of USD 6.7 billion to the fund for the year.
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Jul 22, 2024 -
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